Question

How might an iPhone purchase relate to conspicuous consumption.

Answer 1

Lets break this down, to what we know, and then we put it together and find the answer.

What we know:

Definition: Conspicuous consumption is the practice of purchasing goods or services to publicly display wealth rather than to cover basic needs. ... If we look at above examples we will find that conspicuous consumers often buy those goods & services which are too expensive for other classes of society (social status).

Put together:

Apple; Conspicuous consumption

Answer:

As an oligopoly, Apple has used its pricing power and product differentiation to target the more affluent consumer. Selecting higher prices and emotion stirring launches, Apple might be very aware of conspicuous consumption.